CPF Contribution Scheme For Platform Workers Will Start As Early As 2H2024

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Central Provident Fund (CPF) payments for private-hire car drivers and freelance delivery workers are becoming a reality.

This comes as a move to uplift and provides support to more than 73,000 platform workers in Singapore.

Another policy requirement is for companies who hire them to provide standardised insurance protection for those who get hurt during working hours. Platform workers will be entitled to the same scope and level of work injury compensation as employees under the Work Injury Compensation Act (WICA).

The new policies will kick in as soon as the second half of 2024. This comes after the government accepted recommendations made by the Advisory Committee on platform workers.

Currently, CPF measures are a grey area for these workers, who are also seen as in-between self-employed people and full-fledged employees.

CPF payments will be made compulsory only for those below 30 years old. The changes are expected to affect 4% of private-hire car drivers and 31% of delivery riders who are below 30.

The CPF contribution amount will take a few years before it reaches the same amount as other sectors. The end goal is for employees 60 and below to pay 20% of their salary to CPF, with employers contributing 17%. This is in line with the CPF contribution level for employees today.

Some of the increased costs will pass on to consumers, and the service rates are likely to be "reset" by market forces.


https://dollarsandsense.sg/business/complete-guide-to-cpf-contribution-for-platform-workers/?fbclid=IwZXh0bgNhZW0CMTEAAR2B0SGi4OdyNRc7p9XB8YF7DBBZ-HT_grJ_OI6rNyDSF9WU0Q8n9tPOcT4_aem_uvwnek11j6rGx08rE9OqZw

[GhostZM]

Heng I hardly use these services any more..


CheerS!!!😉